This is the part 4 summary notes of some blockchain protocols – based on the top protocols ranked in CoinMarketCap.com. It is a systematic walkthrough of the popular protocols. The ranking and capital data is on 04/22/2022 for VeChain, Internet Computer, and Filecoin. The others' data is on 04/23/2022.
VeChain (VET) has a market cap of $3.73B, ranked 35th.
VeChain is a versatile enterprise-grade L1 smart contract platform. VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem which solves major data hurdles for multiple global industries from medical to energy, food & beverage to sustainability.
The platform uses two tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. VET generates VTHO and acts as the store of value and value transfer medium. VTHO is used to pay for GAS costs, separating the need to expend VET when writing data. This has the additional benefit of ensuring costs of using the network can be kept stable by tweaking certain variables such as the amount of VTHO required to service a transaction, or by increasing the VTHO geneation rate. Such actions first require all-stakeholder community votes. VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China.
VeChain exists to disrupt traditional business models, and is best known for its work in supply chain, an industry that has changed little over the decades. Its work in providing a decentralised trust layer for multi-party ecosystems has already seen major sucesses with high profile clientele and government bodies.
Using transparent technology with no single point of weakness or control allows for greater security, efficiency and ease of tracking for all kinds of data, while reducing costs through trustless automation via smart contracts. Carbon, supply chain, international logistics, incentivised ecosystems, automobile passports and more all greatly benefit from the digitisation of trust and colaboration it enables. The dual-token setup means crypto-wary companies can pay in fiat for VeChain’s Blockchain-as-a-service, while smart contracts handle gas payment costs, ensuring frictionless use of the network, even in strict jurisdictions.
2 Internet Computer
Internet Computer (ICP) has a market cap of $3.73B, ranked 36th.
The Internet Computer is the fastest and only infinitely scalable general-purpose blockchain — incubated and launched by the DFINITY Foundation in May 2021 — and aims to become a ‘world computer’ hosting Web3 dapps, DeFi, games, NFTs, social media, and metaverse used by billions of users. It supports industry-leading 250,000 queries per second, executed with 1 second transaction finality, storage costs no more than $0.46 per GB per month, and decentralized, censorship-resistant sovereign physical infrastructure capable of scaling to millions of nodes using ground-breaking technology called Chain Key cryptography.
3 Filecoin (FIL)
Filecoin (FIL) has a market cap of $3.71B, ranked 37th.
Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.
Filecoin leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and hard to censor. Decentralized storage systems like Filecoin allow people to be their own custodians of their data, as well as makes the web more accessible to people worldwide. Since participating in the Filecoin network by mining and storing is directly related to winning more block rewards, Filecoin incentives participants to act honestly and store as much data as possible.
Hedera (HBAR) has a market cap of $3.71B, ranked 38th.
Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy that allows individuals and businesses to create powerful decentralized applications.
The HBAR token has a dual role within the Hedera public network. First and foremost, HBAR the fuel that powers Hedera services, such as smart contracts, file storage and regular transactions. Second, it’s used to help secure the network, since HBAR users can stake their tokens to assist with maintaining the integrity of the platform.
Hedera transactions have an average transaction fee of just $0.0001 USD and typically reach finality in under five seconds. Overall, Hedera Hashgraph claims it can handle more than 10,000 TPS.
Elrond (EGLD) has a market cap of $3.38B, ranked 39th.
Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost.
Its main selling point is its high scalability, stating that it is the first blockchain network in which state, network and transaction sharding have all been implemented. According to its economics paper, it seeks to build up its ecosystem and establish EGLD as a store-of-value asset.
Sandbox (SAND) has a market cap of $3.15B, ranked 40th.
Launched in 2011 by Pixowl, The Sandbox is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralized platform for a thriving gaming community. The platform focuses on facilitating a creative “play-to-earn” model, which allows users to be both creators and gamers simultaneously.
7 Theta Networkd
Theta Networkd (THETA) has a market cap of $3.11B, ranked 41st.
Theta (THETA) is a blockchain powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis.The project is advised by Steve Chen, co-founder of YouTube and Justin Kan, co-founder of Twitch.
Theta’s main business concept is to decentralize video streaming, data delivery and edge computing, making it more efficient, cost-effective and fair for industry participants. In addition to video, data and computing, Theta caters to developers looking to launch decentralized applications (DApps) on its fully featured EVM-compatible Smart contract platform.
Fantom (FTM) has a market cap of $2.83B, ranked 42nd.
Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm. Fantom is an open-source decentralized smart contract platform for DApps and digital assets that was created as an alternative to Ethereum. Fantom has the goal of overcoming the limitations of previous generation blockchains and balancing three components: scalability, security and decentralization. Fantom attempts to use a new scratch-built consensus mechanism to facilitate DeFi and related services on the basis of smart contracts.